BRIC seeks bigger global voice
By Raymond Colitt and Emma Graham-Harrison |
April 17, 2010, Saturday
|
Print Edition
Print Edition
LEADING emerging powers called on Thursday for swift reform of international financial institutions to give developing countries a greater voice, saying their group was vital to achieving a new world order.
The call from the increasingly influential BRIC countries for more say in global financial institutions such as the World Bank and the International Monetary Fund came ahead of this month's G20 finance ministers' and IMF meetings in Washington.
The leaders of China, Brazil, Russia and India said that voting share reforms at the World Bank to give developing countries more clout should be approved at the IMF meetings.
Setting a specific deadline, the group also said those reforms should be completed by a G20 summit in November.
"Brazil, Russia, India and China have a fundamental role in creating a new international order that is more just, representative and safe," Brazilian President Luiz Inacio Lula da Silva said after holding talks with his counterparts.
The group has been pushing for reforms since the global financial crisis of 2008, arguing the current system is unfairly dominated by advanced economies such as the United States, Japan and Europe.
The statement said the group would resist all trade protectionism and look into boosting commerce with one another in local currencies, bypassing the US dollar.
But the group, which has retreated from talk last year of setting up a new reserve currency, stressed the importance of maintaining the stability of major reserve currencies.
"We support a multipolar, equitable, democratic and just world order with the (United Nations) playing a central role in tackling global challenges," said Indian Prime Minister Manmohan Singh.
In one of their concrete steps toward cooperation, the countries' national development banks signed an accord enabling them to fund projects in one another's countries, the Brazilian national development bank's president said. Luciano Coutinho, the head of the BNDES, said the agreement covered the infrastructure, energy, sustainability and technology sectors.
China and Brazil, the largest economies in Asia and Latin America, used the summit to bolster growing ties with trade and investment agreements.
Chinese President Hu and Lula signed a five-year "action plan" aimed at boosting trade and energy cooperation. The two nations have grown closer in recent years amid a surge in commerce -- in 2009, China became Brazil's top trade partner.
The projects agreed upon included a US$5 billion steel mill at the Acu port in Rio de Janeiro state that would be China's biggest investment in Latin America's largest country.
The call from the increasingly influential BRIC countries for more say in global financial institutions such as the World Bank and the International Monetary Fund came ahead of this month's G20 finance ministers' and IMF meetings in Washington.
The leaders of China, Brazil, Russia and India said that voting share reforms at the World Bank to give developing countries more clout should be approved at the IMF meetings.
Setting a specific deadline, the group also said those reforms should be completed by a G20 summit in November.
"Brazil, Russia, India and China have a fundamental role in creating a new international order that is more just, representative and safe," Brazilian President Luiz Inacio Lula da Silva said after holding talks with his counterparts.
The group has been pushing for reforms since the global financial crisis of 2008, arguing the current system is unfairly dominated by advanced economies such as the United States, Japan and Europe.
The statement said the group would resist all trade protectionism and look into boosting commerce with one another in local currencies, bypassing the US dollar.
But the group, which has retreated from talk last year of setting up a new reserve currency, stressed the importance of maintaining the stability of major reserve currencies.
"We support a multipolar, equitable, democratic and just world order with the (United Nations) playing a central role in tackling global challenges," said Indian Prime Minister Manmohan Singh.
In one of their concrete steps toward cooperation, the countries' national development banks signed an accord enabling them to fund projects in one another's countries, the Brazilian national development bank's president said. Luciano Coutinho, the head of the BNDES, said the agreement covered the infrastructure, energy, sustainability and technology sectors.
China and Brazil, the largest economies in Asia and Latin America, used the summit to bolster growing ties with trade and investment agreements.
Chinese President Hu and Lula signed a five-year "action plan" aimed at boosting trade and energy cooperation. The two nations have grown closer in recent years amid a surge in commerce -- in 2009, China became Brazil's top trade partner.
The projects agreed upon included a US$5 billion steel mill at the Acu port in Rio de Janeiro state that would be China's biggest investment in Latin America's largest country.
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